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Q: Does Xbox One require an “always on” Internet connection?
A: No, it does not have to be always connected, but Xbox One does require a connection to the Internet. We’re designing Xbox One to be your all-in-one entertainment system that is connected to the cloud and always ready. We are also designing it so you can play games and watch Blu-ray movies and live TV if you lose your connection.

Q: Will Xbox One be backward compatible with my existing games?
A: No, Xbox One hardware is not compatible with Xbox 360 games. We designed Xbox One to play an entirely new generation of games—games that are architected to take full advantage of state-of-the-art processors and the infinite power of the cloud. We care very much about the investment you have made in Xbox 360 and will continue to support it with a pipeline of new games and new apps well into the future.

Q: Why require Kinect with every Xbox One?
A: The all new Kinect is now an essential and integrated part of the platform. By having it as a consistent part of every Xbox One, game and entertainment creators can build experiences that assume the availability of voice, gesture and natural sensing, leading to unrivaled ease of use, premium experiences and interactivity for you.

Q: Will Kinect need to be connected in order for the Xbox One to function? Can I use a controller like the Xbox 360?
A: No.

Q: Can I use my current gamertag on Xbox One and will my Gamerscore and Achievements transfer?
A: Yes. Your current Xbox Live Gamertag will stay with you on Xbox One if you choose to keep it, and your hard-earned Gamerscore and Achievements will indeed carry over from Xbox 360.

Q: Will Xbox One allow players to trade in, purchase and play pre-owned games?
A: We are designing Xbox One to enable customers to trade in and resell games. We’ll have more details to share later.

Q: Will my current Xbox Live Gold membership work with Xbox One or will I have to buy a new one?
A: Yes. You do not need to buy a new Xbox Live Gold membership. Your current membership will work on both Xbox 360 and Xbox One.

Q: How do consumers benefit by being connected to the cloud?
A: The cloud makes every experience better and more accessible. Because Xbox One is powered by the cloud:

Your games have more power available to create new gameplay, persistent worlds, and deeper experiences.
Your system and games can update automatically, so you shouldn’t have to wait for downloads or updates.
Your games and entertainment are stored and saved in the cloud, so you can access them anytime, from any Xbox One.*
Start a game, movie, or TV show on one console and finish exactly where you left off on another.
You can play multiplayer games with your friends, stream movies or TV shows right away, and enjoy the community and social features of Xbox Live.
Xbox One can recognize you, log you in and tailor your home screen just for you.

You can discover what your friends are playing, watching and listening to if they choose to share.
These are just a few examples of how customers benefit from our platform being connected to the Internet. It brings the future of TV and games to our consumers—and it’s designed for today and the decade ahead.

* Subject to content geographical restrictions.

Q: When will Xbox One launch and in what markets?
A: November 22, 2012 in US and Canada.

Q: Do I need to have a specific cable or satellite TV provider to watch live TV on Xbox?
A: Our goal is to enable live TV through Xbox One in every way that it is delivered throughout the world, whether that’s television service providers, over the air or over the Internet, or HDMI-in via a set top box (as is the case with many providers in the US). The delivery of TV is complex and we are working through the many technologies and policies around the world to make live TV available where Xbox One is available.

Q: Xbox One is a more powerful product compared to Xbox 360, but does it also use more power?
A: By providing multiple power states in Xbox One, we’ve balanced energy efficiency with functionality. We’ve taken a completely different approach to how Xbox One consumes power. It only uses the power it needs at that particular moment for the task at hand.

Q: Will I be able to rent games from services like GameFly or gameaccess.ca?
A: Unknown
Q: Will the Xbox One be regionally locked?
A: Yes. So, playing games outside your region will not happen.

Q: Will the console play the popular MKV video file format?
A: Unknown

Q: What are the exact dimensions the Xbox One console?
A: Unknown, various sites have estimated 13.5 inches wide, 3.2 inches tall and 10.5 inches in length (deep)

Added on 06/19:

Q: Is the 100 Xbox Live friends cap being raised?
A: Yes, you are now able to have 1000 friends on Xbox Live.

Q: Can I give a game to a friend to play on their console?
A: Xbox One is designed so game publishers can enable you to give your disc-based games to your friends. There are no fees charged as part of these transfers. There are two requirements: you can only give them to people who have been on your friends list for at least 30 days and each game can only be given once.

Q: Can I loan a game to a friend?
A: Xbox One will enable new forms of access for families. Up to ten members of your family can log in and play from your shared games library on any Xbox One. Just like today, a family member can play your copy of Forza Motorsport at a friend’s house. Only now, they will see not just Forza, but all of your shared games. You can always play your games, and any one of your family members can be playing from your shared library at a given time.

What happens 10-15 years down the road when the new consoles come out? Will you still be able to play your games on the Xbox One if there is no longer Xbox Live on the console? How would it do the 24 hour check?

What happens 10-15 years down the road when the new consoles come out? Will you still be able to play your games on the Xbox One if there is no longer Xbox Live on the console? How would it do the 24 hour check?

They said they can disable the 24hr check in if it's end of life for the console